Commercial
Airmic warns insurers of long-term damage to trust from Covid-19 crisis
John Ludlow, CEO of Airmic, has warned that the insurance industry is at a “critical juncture” due to the coranvirus crisis with member surveys suggesting the hardening market is already forcing businesses to look at alternative risk transfer options.
Allianz and LV's £68m weather hit edges first quarter COR above 101%
Allianz Holdings, comprising of LV General Insurance and Allianz Insurance, saw £68m in claims relating to storms and flooding in the first quarter of 2020 as Allianz unveiled a global property and casualty €400m (£351m) Covid-19 hit.
Robert Wilson promoted to deputy CUO and underwriting boss for Chubb Global Markets
Chubb has appointed Robert Wilson as deputy chief underwriting officer and head of underwriting operations for Chubb Global Markets.
Hackers Maze release four files of alleged Chubb data
Ransomware group Maze has published four sets of data labelled as “proof” of its hack of insurance giant Chubb.
Pandemic crisis accelerating hard market return, say execs
Pricing momentum towards a hard insurance and reinsurance market will continue with the coronavirus crisis acting as a catalyst for steeper rate increases, industry executives have said.
This Month: Putting the insurance industry under the microscope
This month we put the insurance industry under the microscope - looking into how much progress the Lloyd's market has made to bolster diversity and inclusion in the sector, the efforts taken to pay out business interruption claims and the industry's…
Event insurance losses mount for Munich Re as it reports £700m Covid-19 hit
Munich Re today reported “high Covid-19 losses totaling €800m (£699.43m), particularly in event insurance” as it posted results for the first quarter of 2020.
AIG 58 Fenchurch Street fire claim against roofers and RSA gets go ahead
A judge has ruled in favour of AIG in its application to substitute the named claimant on its claim against roofers and RSA, allowing the property damage claim to go ahead.
RSA reports £25m hit after receiving 25,000 Covid-19 related claims
Insurer RSA has revealed it has received approximately 25,000 Covid-19 related claims, which will cost it an estimated £25m net of reinsurance.
Insurance Covid Cast Episode Nine: Could Tiger King Joe Exotic cut it as a fraud fighter or handle big cats at Lloyd’s?
In the latest Insurance Post and Insurance Age video cast brought to you while our journalists are in isolation lockdown we present first in an irregular series - Covid Culture Club - where we discuss things to watch and do at home.
Crawford & Co's Andrew King on why Covid-19 means the role of risk manager has never been more important
The risk manager’s time has come as realisation dawns on how interconnected and vulnerable we all are in light of Covid-19. That is the view of Andrew King, head of Crawford Forensic Accounting Services UK & Ireland, who warns the spectre of large…
Allianz latest coronavirus BI group action target
Allianz faces a potential group action lawsuit from policyholders that have had coronavirus-related business interruption claims rejected.
François-Xavier Boisseau reunites with Amanda Blanc at ERS
Former CEO of Ageas UK Insurance François-Xavier Boisseau has joined the board of ERS as a non executive director.
Direct Line standard BI policy wordings at ‘tight end’ of the industry: CEO Penny James
Direct Line Group CEO Penny James has said 99.5% of its business interruption customers have standard policies and the insurer believes the wording is “robust” enough that it will not be liable for coronavirus-related pay outs on these.
Hiscox predicts BI hit up to £250m
Hiscox has predicted its exposure to business interruption claims from Covid-19 could range from £10m to £250m net of reinsurance.
Insurance Covid-Cast episode eight: What is the insurance supply chain doing to keep the sector moving during the Covid-19 lockdown?
In the latest episode of Insurance Post and Insurance Age’s new series of video casts brought to you while our journalists are in isolation lockdown we bought together a diverse group of businesses to discuss how the supply chain has forged deeper…
Hiscox raises £375m
Hiscox has raised roughly £375m through sales of shares, having announced its intention to raise on Tuesday afternoon.
Fears for future of care home cover as sector sees coronavirus ‘revolution’
Brokers have raised concerns over the future of care home insurance cover as insurers stop quoting new business after care home responsibilities change in light of Covid-19.
Matthew Crane joins THB from QBE as CEO
Matthew Crane has joined THB Group as CEO and president of the international division of Amwins Group.
Biba unveils six board changes
The British Insurance Brokers’ Association has made six board changes across its smaller brokers, larger brokers, MGA and networks advisory groups, its standards council and an internal appointment.
Experts warn of potential broker insolvencies due to premium finance proposals
The British Insurance Brokers’ Association and premium finance providers have warned of a possible hit to broker solvency in the event of bad debts under the proposed guidance issued by the Financial Conduct Authority last week.
SMEs face legal threats from same insurers that are not paying out on their BI policies
Exclusive: Insurers seeking to recoup losses from other classes, such as event cancellation and wedding insurance, are threatening policyholders involved in business interruption group actions against them with legal action.
Editor's comment: Apocalypse planning
Should there ever be a zombie apocalypse my friends, family and colleagues know that I fully expect to be the first to be picked off, equally should I ever be lost in the remote woods with a bunch of strangers and a monster on the loose I’d be the one at…
Hiscox BI action groups join forces
The two largest Hiscox policyholder business interruption action groups in the UK have formed a strategic alliance, together representing more than 500 businesses.